Would guess you might be safe by putting on a drilled and tapped block, instead of using a block with a cross slot, which easily would accomodate alignment/windage adjustments.

Suspect Redfield front sight with flange will not meet traditional rules.  As others suggest, might be best to contact schuetzenmeister at match you will attend and find out that persons ruling.

I am no authority either, but feel I have a sense of rules intent.

So, if you use an old style front scope base that is mounted into the existing front barrel dovetail as was used for the long scopes (instead of using screws to mount the base to the barrel), and then slid your front sight into position onto the top of the dovetail base (just as you do your front scope mount when mounting the long scope), would it be legal and also considered traditional?

Good question, BP.  I talked to Gail at CPA about about front sights in regard to the high comb Pope style stock on my rifles.  She said that the Baldwin front sight and the MVA #115 front sight is not high enough so a spacer is required.  She suggested  a dovetail adapter with a spacer and use the Lyman  93 globe front sight to get the sight up high enough.   
Who knows. Some of the rules are so subjective, that it might be a crap shoot (pardon the pun) as to whether a rifle, sights, ammo, etc. would be legal for a traditional rifle match.

If you use the same rifle Iron and Scope offhand you need a high front sight to give the proper head position. Look at the picture of my CPA Schuetzen with it scope. High front sight block is on the barrel. It's dovetail mounted. Put the sight on it's even higher.  My head position is the same scope or Iron, which is important.

Rules may or may not get in the way of a well set up rifle, however my experience shooting and running matches is the Schuetzenmaster allows about anything that you can carry, to a degree. Start winning matches you have to pay attention to what the other shooters think.  Our club runs a gong single shot match with more restrictive rules., One is "No Schuetzens" idea is to make it open to more common single shot rifles, not pure match guns.

I shoot it with a 2nd CPA that conforms to more restrictive NRA BPCS rules. Even so I have heard quiet comments about buying his way into the sport.  Not so much any more, we have 8 or 9 CPA's shooting the match.   

It is true the gun can make the match if handles properly. I have shot that CPA Schuetzen in NRA Rule modern rimfire Silhouette matches. Not for score just for fun & I was the Match Director could do anything I wanted . It's a distinct advantage, 14 lbs palm rest hook plate set trigger, over the rule restricted bolt action sporter class rifle. 

To your question on the Redfield Olympic, I doubt it would be banned in any Schuetzen match. You could keep a Lyman 77 in your bag in case of  complaints. 

Boats

GeorgeC
One perspective on this subject that has not yet been commented on, if it has I apologize for missing it, your rifle with Redfield Olympic sight is perfectly acceptable for ASSRA, ISSA or WSU open class.